City business sells at auction for more than $2m
A TOOWOOMBA podiatry practice has sold at auction for more than $2 million.
According to commercial property agency Burgess Rawson, the multi-million dollar sale shows commercial property investors are buying up big in Queensland with no signs of slowing down.
The practice at 14 Ipswich St, East Toowoomba is one of Australia’s largest podiatry practices.
Agents describe it as a highly exposed 1548sqm site that is within the St Vincent’s Private Hospital precinct and 50m from The Range Shopping Centre.
The state-of-the-art practice sold at Burgess Rawson’s recent portfolio auction in Sydney for $2.3 million with a strong yield of 7.17 per cent.
Burgess Rawson sales agent Jamie Dewe said there were a lot of factors that highlighted the practice as a great commercial investment.
“The Range Health practice has 14 consulting rooms for podiatry, physiotherapy, naturopathy, exercise physiology and massage therapy,” Mr Dewe said.
“The building itself has two street frontages with a purpose-built 22 space carpark.”
The practice has a net income of about $165,000 per annum, plus GST, with 3% annual CPI increases in place. The 15-year-old practice is within a large facility and is secured to a new 10-year lease to Range Health until 2027 with options to 2037.
“This is an ideal investment. The property is located in a great position with strong, secure tenants who pay 100% of outgoings,” Mr Dewe said.
“The Toowoomba region has historically been a strong performer when it comes to commercial property so we knew this property would sell at auction for an impressive
The Range Health practice has 14 consulting rooms for podiatry, physiotherapy, naturopathy, exercise physiology and massage therapy. — Jamie Dewe
result.
“Given the popularity of these assets when listed through our proven portfolio auction campaign held regularly in Sydney, we have several investors who have a keen eye for investments such as these.”